Answer:
10.29 %
Explanation:
The interest rate that is required by the bank by the law to report to potential borrowers can be calculated by the following expression.
Interest rate to be reported = ![[(1+EAR)^{1/n}-1]*n](https://tex.z-dn.net/?f=%5B%281%2BEAR%29%5E%7B1%2Fn%7D-1%5D%2An)
where
EAR = effective annual return rate = 11% = 0.11
n = number of days in a year = 365 days
replacing our values into the above equation; we have:
⇒ ![[(1+0.11)^{1/365}-1]*365](https://tex.z-dn.net/?f=%5B%281%2B0.11%29%5E%7B1%2F365%7D-1%5D%2A365)
= ![[1.11^{(0.0027)}-1]*365](https://tex.z-dn.net/?f=%5B1.11%5E%7B%280.0027%29%7D-1%5D%2A365)
= ![[1.00028182-1]*365](https://tex.z-dn.net/?f=%5B1.00028182-1%5D%2A365)
= 
= 0.1029
= 10.29 %
Thus, the interest rate the bank is required by law to report to potential borrowers = 10.29%
Answer:
D. 76.6 %
Explanation:
Contribution Margin Ratio = Contribution / Sales × 100
<em>First Calculate the Contribution</em>
Contribution = Sales - Variable Costs
= (60,000 units × $ 12.40) - ($110,000+$30,000+$34,000)
= $744,000 - $174,000
= $570,000
<em>Then Calculate Contribution Margin Ratio</em>
Contribution Margin Ratio = $570,000 / $744,000 × 100
= 76.61290
= 76.6 % ( 1 decimal)
Answer:
Adjusting Entries
December 31
Dr. Insurance Expense $2,000
Cr. Prepaid Insurance $2,000
December 31
Dr. Supplies Expense $8,200
Cr. Supplies account $8,200
Explanation:
On December 31, six months have been accrued and all of the amounts of prepaid insurance became accrued. hence it will be recorded as an expense.
Now calculate the supplies expense using the following formula
Supplies expense = Beginning Supplies + Purchases during the year - Ending Supplies = $6,600 + $2,800 - $1,200 = $8,200
The answer to this question is the candy skittles. The candy skittles have a letter s printed in each candy. This candy is manufactured and marketed by the Wrigley Company and was first produced in the year 1974 and have a fruit flavour.
